Overview
- Governor Adriana Kugler will step down from the Fed Board on August 8, creating the first open seat since her term was set to run through January 2026.
- President Trump intends to announce a nominee for the remaining term and must obtain Senate confirmation, a process eased by Republican control of the chamber.
- Reports indicate Kevin Hassett, Kevin Warsh and current Governor Christopher Waller are among four contenders under consideration for the vacancy.
- Trump’s escalated attacks on Jerome Powell as a “stubborn dummy” reflect his insistence on deeper rate cuts that the Fed has held off delivering.
- Experts warn that adding governors aligned with aggressive easing could compromise the Fed’s institutional independence even as chair removal remains legally murky.